Mangalore Refinery and Petrochemicals Ltd. (MRPL)

In 2016 Tennessee used the South Carolina list of "Entities Ineligible to Contract with the State of South Carolina or any Political Subdivision of the State per the Iran Divestment Act of 2014, S.C. Code Ann." as its list of persons it determines engage in investment activities in Iran. Mangalore Refinery was included on this list in 2016. "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list." (https://www.tn.gov/content/dam/tn/generalservices/documents/cpo/cpo-library/public-information-library/List%20of%20persons%20pursuant%20to%20Tenn.%20Code%20Ann.%2012-12-106%20Iran%20Divestment%20Act.pdf)

"Historically, Iran's biggest Indian oil client was Mangalore Refinery and Petrochemicals Ltd (MRPL), which bought 110,000 in the first quarter, down from 162,0000 bpd in 2011, the data showed." (Reuters, "India replaces China as Iran's top oil client," 4/13/2012) (http://www.reuters.com/article/2012/04/12/india-iran-oil-idUSL6E8FC50N20120412)

"Bharat Petroleum Corp. Ltd. (BPCL) and Hindustan Petroleum Corp. Ltd. (HPCL) will forego buying Iranian crude even as Mangalore Refinery & Petrochemicals Ltd. (MRPL) accepts an offer from the Persian Gulf nation to waive shipping charges. Refiners want to import crude in rupees amid a 13% slump against the dollar this year while Iran doesn’t want to accept the Indian currency, according to the government in New Delhi. While MRPL has accepted an offer for free shipping, BPCL and HPCL haven’t brought oil from the Islamic Republic since April…Iran, a member of the Organization of Petroleum Exporting Countries (Opec), has been shipping crude cargoes for free to MRPL since August, according to a company official who asked not to be identified because he isn’t authorized to speak to the media. The free shipping will translate into a saving of a little less than a dollar for every barrel of crude, according to the official, who declined to provide further details of MRPL’s purchases.…India plans to purchase 11 million metric tonnes of Iranian crude in the year ending 31 March, according to oil secretary Rae. That would be a drop of more than 15% from the previous year." (Live Mint, "BPCL, HPCL forego Iran oil as rival gets free shipping," 11/8/13) (http://www.unitedagainstnucleariran.com/company/bharat-petroleum-corporation-limited) (http://www.unitedagainstnucleariran.com/company/hindustan-petroleum-corp-ltd) (http://www.livemint.com/Industry/ld8zv53eqPm728ffd6D5hP/BPCL-HPCL-forego-Iran-oil-as-rival-gets-free-shipping.html)

"The drop in volumes follows India's threat to order state refiners—Hindustan Petroleum, Bharat Petroleum, Mangalore Refinery and Petrochemicals Ltd, and Indian Oil Corp—to reduce purchases from Iran if an Indian consortium is not awarded the rights to develop Iran's huge Farzad B natural gas field, Reuters reported." (May 2017) (https://financialtribune.com/articles/energy/63698/india-will-cut-oil-imports-from-iran-by-a-quarter)

In 2019 Mangalore Refinery was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.   (https://comptroller.texas.gov/purchasing/publications/divestment.php)

Mangalore Refinery & Petrochemicals is listed on the June 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list. (http://treasury.dor.alaska.gov/Portals/3/docs/resolutions/ARMB%20Iran%20Divestment%20List%206-30-19.pdf)

"India's imports of Iranian oil shot up in August to more than four times the volume taken in July as one refiner resumed purchases after a four-month break, but the average annual pace of shipments is still far below last year's levels . . . Only two refiners - Essar Oil and state-owned Mangalore Refinery and Petrochemical Ltd - bought Iranian oil in August. MRPL, which used to be Iran's top Indian client, bought its first oil from the sanctions-hit nation since April, the data shows. MRPL resumed the imports after securing local reinsurance for claims up to 5 billion rupee ($79 million). In addition, India is planning to provide a 10 billion rupee sovereign guarantee to back local insurance for refineries using Iranian oil, according to government sources. The government guarantee is half of a package that would assure refiners running Iranian oil of about 20 billion rupee in insurance coverage . . . MRPL and another state refiner, Hindustan Petroleum Corp Ltd , had halted Iranian oil imports in April, primarily over the insurance issue. However, as they waited for the government plan to shore up the local insurers, some refiners determined that there are suitable substitutes for Iranian crude." (Reuters, "India's Iran oil imports far below levels last year -trade," 9/20/13) (http://www.unitedagainstnucleariran.com/company/essar-oil) (http://in.reuters.com/article/2013/09/20/india-iran-imports-idINL3N0HF1NW20130920)

In 2018 the U.S. state of Ohio listed Mangalore Refinery & Petrochemicals as an Iran restricted company rendering Mangalore Refinery & Petrochemicals  ineligible for investment and/or state contracting. Subsidiary of India's Oil and Natural Gas Corporation. (https://www.op-f.org/Files/Scrutinized%20Companies%20Iran%20Sudan.pdf)

Along with U.S. sanctions, the EU measures, which include an oil embargo, has so far halved Iran's year-on-year oil sales…India had initially allowed state-owned refiners to use Iranian tankers to ship oil purchases from Iran but swiftly backtracked to benefit its own shipping industry, stipulating that state-run oil firms must use Indian ships and allowing limited coverage by state-run insurers for Iranian cargoes.

"India is set to halt all crude imports from Iran because insurance companies in the country have said refineries processing the oil will no longer be covered due to Western sanctions, the head of refiner MRPL said on Friday. India is Iran's second-largest buyer, taking around a quarter of its oil exports worth around $1 billion a month. 'If cover is not available then all Indian refiners will have to halt imports from Iran or else they will have to take a huge risk,' P.P. Upadhya, managing director of Mangalore Refinery and Petrochemicals Ltd, told Reuters in a telephone interview. MRPL is India's biggest buyer of Iran crude. 'Insurance companies said if I buy Iranian crude my refinery's insurance cover will be canceled ... If we don't get insurance for the refinery then we will stop buying Iranian crude.' It was not immediately clear why this has become an issue now, several months after Europe and the U.S. introduced tough sanctions aimed at Iran's oil trade to force Tehran to the negotiating table over its nuclear program. But in a letter in January seen by Reuters, the General Insurance Corp of India, the national reinsurer, told the General Insurance Council, an industry group, that it had 'dawned' on insurers that cover and losses on processing the crude would not be payable by reinsurers due to existing sanctions." (Reuters,"Exclusive: India set to halt Iran oil imports over insurance - MRPL," 3/8/13) (http://www.reuters.com/article/2013/03/08/us-iran-india-imports-idUSBRE9270BP20130308)

"An Indian delegation will visit Iran this week to scout for investment opportunities ahead of an anticipated nuclear deal between the OPEC-member and world powers that would soften sanctions against the country, sources privy to the plan said. Officials from India's finance and oil ministries and executives from ONGC Videsh and Mangalore Refinery and Petrochemicals Ltd are part of the delegation that will hold meeting with their Iranian counterparts on Saturday, the sources said. India is Iran's biggest oil client after China although its imports from Tehran have declined under pressure from western sanctions." (Reuters, "Indian delegation to visit Iran to discuss oil deals- sources," 4/16/15) (http://uk.reuters.com/article/2015/04/16/india-iran-oil-idUKL4N0XD3SE20150416)

“Private refiner Essar Oil will be the biggest Indian buyer of Iran's oil this financial year, replacing state-owned Mangalore Refinery and Petrochemical. Essar will have lifted about 30 percent higher than its contract volume of 80,000 bpd, said another government source. A jump in Essar's Iran oil imports comes as Iran is giving India a discount on crude and offering free delivery. Essar has offered to take about 5.36 million barrels in March from Iran, taking its annual purchases to 105,000 bpd. MRPL's oil imports from Iran will average about 84,000 bpd this fiscal year versus contract levels of 80,000 bpd, the third government source said.” (Reuters, “Exclusive: India to slash Iran oil imports to meet nuclear deal parameters - sources,” 3/11/14) (http://www.unitedagainstnucleariran.com/company/essar-oil) (http://www.reuters.com/article/2014/03/11/us-india-iran-imports-idUSBREA2A0TU20140311)

“India spent the past five years cutting its Iranian oil imports to comply with international sanctions. Now, Asia’s second-largest energy user needs the curbs to ease as fighting threatens its supply from Iraq. Tougher U.S. sanctions on Iran meant India was obliged to halve purchases from the Persian Gulf nation since 2009. Indian refiners, which get 85 percent of their crude from overseas, say they expect the restrictions to soften. ‘We may be exempted from cutting imports from Iran this year,’ P.P. Upadhya, managing director of Mangalore Refinery and Petrochemicals Ltd., the second-biggest Indian buyer of Iranian crude, said by phone on June 18. ‘We expect the U.S. will be softer on Iran as the conflict deepens in Iraq.’” (Bloomberg, India Bets on Easing Iran Oil Curbs as Fighting Engulfs Iraq, 6/20/14) (http://www.bloomberg.com/news/2014-06-19/india-bets-on-easing-iranian-oil-curbs-as-fighting-engulfs-iraq.html)

"India's biggest buyer of Iranian oil may only import one-fifth of the 3.3 million barrels of crude it had scheduled for July due to insurance and shipping difficulties caused by European Union sanctions on Tehran, industry sources said.

In 2015 Mangalore Refinery was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because the company's "involvement in purchases of crude oil falls uner the waivers granted by the U.S. government that meet Section (a)(2) of Act 44's expiration clause." (https://www.patreasury.gov/pdf/divestment/2015-Annual-Divestment-Report-print.pdf)

"India's oil imports from Iran fell 34.8 percent in April-November from a year ago despite a jump last month, giving New Delhi room to import more till March and still win another waiver of U.S. sanctions…India's oil shipments from Iran rose 13 percent in November from October to 219,700 bpd triggered by higher imports at Mangalore Refinery and Petrochemicals Ltd (MRPL), the data shows. MRPL began receiving fully loaded suezmax vessels at its recently commissioned single point mooring after getting full cover from a local insurer. Last month, MRPL received two suezmaxes of Iranian oil at its crude handling facility. It is not clear which company reinsured the facility." (Reuters, "India poised to boost oil imports from Iran after April-November shipments slide," 12/18/13) (http://in.reuters.com/article/2013/12/18/india-iran-imports-idINDEE9BH0B820131218)

"NITC has chartered the vessel the Omvati Prem, owned by Mumbai-based Indian shipper Mercator Ltd , and used it to carry an oil cargo that sailed from Iran in December for Indian refiner Mangalore Refinery and Petrochemicals Ltd , the sources said. The deal included cost, insurance and freight (CIF), they said... Mercator was the only company to use the scheme. Before NITC chartered the Omvati Prem, MRPL had used the vessel -- which can carry about 635,000 barrels -- to import Iranian crude. MRPL is India's biggest buyer of Iranian crude and did not charter the vessel for this voyage due to commercial and technical reasons, one source said... 'Iran offered Mercator a better rate than MRPL, that's why they have taken the risk of joining hands with NITC,' another shipping source said... MRPL, India's shipping ministry, United India Insurance and The New Indian Assurance Co Ltd all declined to comment for the story." (Reuters, "Iran charters oil ship with Indian insurance: sources," 1/15/2013) (http://in.reuters.com/article/2013/01/15/iran-mercator-india-idINDEE90E0CA20130115)

"Mangalore Refinery & Petrochemicals Ltd. (MRPL) purchased its first cargo of Iranian crude since April as India prepared a 20 billion-rupee ($314 million) insurance fund to cover future imports. The refiner, India's biggest buyer of Iranian crude, received about 85,000 metric tons on Aug. 17, Managing Director P.P. Upadhya said in a phone interview today from Mangalore. The company has ordered three more shipments of a similar size, he said, without stating delivery schedules. 'This is the first cargo we've got from Iran this financial year and we'll see how many more we can import in the rest of the year,' Upadhya said. 'The same ship has returned to Iran and will bring the additional cargoes.'" (Bloomberg, "Mangalore Refinery Resumes Iran Oil Buying as Insurance Sought," 8/20/13) (http://www.bloomberg.com/news/2013-08-20/mangalore-refinery-resumes-iran-oil-buying-as-insurance-sought.html)

As of July 2021, the U.S. state of Mississippi did not list Mangalore on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering it ineligible for investment and/or state contracting. (https://www.dfa.ms.gov/media/2k5llxd4/business-with-iran.pdf)

"Mangalore Refinery and Petrochemicals Ltd said on Monday it expects to receive an Iranian oil cargo by the end of this week, the firm's first purchase from the sanctions-hit nation since April. The resumption of shipments by MRPL, Iran's top Indian client until the firm halted imports in April, will boost India's flagging Iranian oil imports, which more than halved in June from a year ago... 'It (the cargo) was loaded at Kharg (island) on 8th and 9th of this month and is likely to reach Mangalore by the end of this week,' MRPL's managing director P.P. Upadhya said, adding the firm planned to lift four Iranian oil cargoes this month. India is thinking of providing a Rs 20 billion ($327 million) state guarantee to back local insurance for plants using Iranian oil, an industry source said last week. 'Regarding the reinsurance issues, GIC (General Insurance Corp) is working out the plan and we hope it will take care of our interest,' Upadhya said, adding MRPL was finding it difficult to replace Iranian crude. He said Iranian crude was best suited for his refinery but MRPL would also process other crudes once a coker was ready in around two months. MRPL, a subsidiary of oil and gas producer Oil and Natural Gas Corp, operates a 300,000 barrels-per-day refinery in southern Karnataka state." (Economic Times, "MRPL to receive Iranian cargo after four-month gap," 8/12/13)   (http://www.unitedagainstnucleariran.com/company/oil-and-natural-gas-corp-ongc) (http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/mrpl-to-receive-iranian-cargo-after-four-month-gap/articleshow/21776595.cms)

But within days, the government revoked the permission and MRPL, the nation’s largest importer of Iranian oil, could only land one out of four July shipments, The Economic Times of India reported on Friday…MRPL had in 2011-12 contracted 7.3 million tons of crude oil from Iran but imported only 6.2 million tons because India reduced its imports from Iran in order to get a waiver from U.S. sanctions. This year, it plans to import just 5 million tons.  Iran is the fourth largest oil supplier in India." (Forbes, "India Bans Iran Oil Tankers From Delivery," 7/27/12) (http://www.forbes.com/sites/kenrapoza/2012/07/27/india-bans-iran-oil-tankers-from-delivery/)

The company may not be able to transport any more cargoes as its shipping firm, the privately-owned Great Eastern Shipping Company (GESCO), is unwilling to carry Iranian crude due to the limited insurance cover.

'Iran had allocated two aframaxes to MRPL to ensure supply of at least four cargoes in July, but now the shipping ministry is not giving permission to buy on a CIF (delivered) basis and Great Eastern is still keeping MRPL in the dark,' said one of the sources.

"Refiner Mangalore Refinery and Petrochemicals Ltd (MRPL.NS) was the biggest importer of Iranian oil in September, replacing Essar Oil (ESRO.NS) by shipping in 133,000 bpd, the data showed." (Reuters, "India's Iran oil imports drop as refiners await insurance fund," 10/29/13) (http://www.unitedagainstnucleariran.com/company/essar-oil) (http://in.reuters.com/article/2013/10/29/india-iran-oil-imports-idINDEE99S03B20131029)

An official at Mangalore Refinery and Petrochemicals Ltd said his company would also cut spot purchases and buy Iranian oil." (Mint, "Indian, European refiners get ready to buy Iranian oil," 5/19/21) (https://www.livemint.com/industry/energy/indian-european-refiners-get-ready-to-buy-iranian-oil-11621432482767.html)

"State-run Hindustan Petroleum (HPCL) has made its first payment for Iranian oil in rupees to partially settle its bill for a cargo imported in May, company officials said on Friday, a move that will help New Delhi fix its trade imbalance with Tehran. Another state refiner, Mangalore Refinery and Petrochemicals Ltd, the biggest Indian buyer of Iranian oil, will make a rupee payment on Monday, a company official said . . . India has already won a waiver from tough new U.S. sanctions by cutting imports from Iran. But insurance and shipping difficulties caused by European Union sanctions that started in July are hurting imports from Iran, forcing MRPL to buy only a fifth of planned shipments from Tehran during the month . . . MRPL's first August cargo from Iran is already on its way to Mangalore Port in southern India in the Iranian vessel Gardenia while HPCL is seeking the shipping ministry's permission to lift a cargo from Tehran next week." (Reuters, "India HPCL begins rupee payment for Iran oil," 8/3/23) (http://www.unitedagainstnucleariran.com/company/hindustan-petroleum-corp-ltd) (http://in.reuters.com/article/2012/08/03/india-iran-oil-idINL4E8J34YH20120803)

MPRL had planned to import five cargoes of 660,000 barrels each from Iran in July. The shipping ministry gave it approval to ship a single cargo on an Iranian tanker after the blanket approval was withdrawn, two industry sources said.

Mangalore Refinery & Petrochemicals is listed on the March 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list. (http://treasury.dor.alaska.gov/Portals/3/docs/resolutions/ARMB%20Iran%20Divestment%20List%203-31-19.pdf)

"The government will provide a 10 billion rupee sovereign guarantee to back local insurance for refineries using Iranian oil, two government sources said, as it tries to boost imports paid for in local currency to ease pressure on the rupee . . . 'It was finalised yesterday in a meeting with the petroleum secretary. An energy pool will be set up with a sovereign guarantee,' one of the sources, both of whom have direct knowledge of the matter, said . . . 'The issue has been resolved. GIC (local reinsurer General Insurance Corp) will manage the pool. In case there is any mishap or something, then they will pay,' the second source said. The sources said apart from the 10 billion rupees sovereign backing, GIC and oil companies will provide 5 billion rupees each to the pool . . . Refiner Mangalore Refinery and Petrochemicals Ltd (MRPL.NS) resumed imports from Iran in August after it secured local reinsurance for claims up to 5 billion rupees. MRPL, once Iran's biggest Indian client, halted imports in April due to lack of insurance cover. The sovereign guarantee 'will essentially provide comfort to the insurance companies to the extent that they will provide cover without going to reinsurers abroad,' MRPL's managing director P.P. Upadhya told Reuters.'There will be no change in our strategy to buy Iranian oil,' he added . . . With the start of this re-insurance cover local insurers will delete the sanctions clause from the existing annual policy of Indian refiners processing Iranian oil, two oil industry sources told Reuters." (Reuters, "Government to back up insurance for refiners processing Iranian crude," 9/18/13) (http://www.unitedagainstnucleariran.com/company/general-insurance-company) (http://www.unitedagainstnucleariran.com/node/1501/edit)

"India has given state-run insurers approval to provide limited cover to its ships transporting Iran's oil, allowing refiners to avoid any interruption in supplies because of the constraints of an Iranian fleet struggling with tough Western sanctions . . . India has already cut its Iranian oil purchases by more than a fifth, enough to win a waiver from separate U.S. sanctions, and is expected to load around 300,000 barrels per day this month. But NITC has few of the vessels of the size needed to meet the requirements of at least one Indian refiner, Mangalore Refinery and Petrochemicals Ltd." (Reuters, "India insures Iran oil imports to safeguard flow -sources," 7/10/12) (http://in.reuters.com/article/2012/07/10/india-iran-insurance-idINL3E8I941C20120710)

"Private refiner Essar Oil and Mangalore Refinery and Petrochemicals Ltd had a deal to buy 80,000 bpd each from Iran in the last fiscal year. State-owned Indian Oil Corp signed for the other contracted term volumes of 25,000 bpd. Essar bought about 105,400 bpd, 32 percent higher than its contract, while MRPL shipped in 83,800 bpd, said the official. 'Essar took almost half of our overall imports from Iran (in 2013/14). They (Iran) are offering better deals than others in the Gulf,’ the official said. Essar Oil officials did not respond to an e-mailed request for further details.Iran has been offering free shipping and discounts on crude sales to Indian refiners to boost its exports.” (Reuters, “India cuts Iran oil imports nearly a fifth in 2013/14,” 4/17/14) (http://www.unitedagainstnucleariran.com/company/essar-oil) (http://in.reuters.com/article/2014/04/17/india-iran-imports-idINL3N0N63BF20140417)

The possible drop in imports by state-owned refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) underscores the problems the EU sanctions, which ban most of the world's major insurance firms from covering shipments of Iranian oil, have created for Iran's major Asian customers China, India and Japan since coming into effect on July 1.

"Private-refiner Essar Oil was the biggest Indian client of Iran in 2014, followed by Mangalore Refinery and Petrochemicals Ltd and Indian Oil Corp." (Reuters, "India oil imports from Iran jump sharply in 2014," 1/16/15) (http://in.reuters.com/article/2015/01/16/india-iran-oil-idINKBN0KP0EB20150116)

In 2013, Mangalore Refinery was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of government oil-related activity.  (https://www.patreasury.gov/pdf/divestment/2013-Annual-Divestment-Report-print.pdf)

"Mangalore Refinery and Petrochemicals Ltd plans to resume Iranian oil imports from August, after stopping for four months, because it has found no suitable alternatives, an industry source with knowledge of the matter said. Resumption of shipments by MRPL, Iran's top Indian client until it stopped purchases in April, will help to revive the country's Iranian oil imports. India's intake of Iranian crude fell by 40 percent in the April-June quarter, as refiner Essar Oil became Iran's lone Indian client... MRPL aims to import about 80,000 bpd of oil from Iran in the current fiscal year, similar to lifting in the year ended March 31, and could ship in up to four aframax cargoes in August. MRPL Managing Director P.P. Upadhya said in a June 29 letter that local reinsurer General Insurance Corp would be able to settle any refinery claim up to 5 billion Indian rupees ($82.83 million) as long as India has a U.S. sanctions waiver that allows it to continue imports of crude oil from Iran. Under its current policy with a local insurer, MRPL is entitle for a permissible maximum loss of 70 billion rupees." (The Economic Times, "MRPL Aims to Resume Iran Oil Imports From August: Report," 7/31/13) (http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/mrpl-aims-to-resume-iran-oil-imports-from-august-report/articleshow/21508341.cms)

"MRPL is preparing to resume oil imports from Iran, after stopping in April, having secured local reinsurance for claims of up to 5 billion rupees, its managing director said in a letter seen by Reuters. Mangalore Refinery and Petrochemicals (MRPL.NS), which was Iran's top Indian client, halted imports because local insurers said they could no longer cover plants that process Iranian crude. 'MRPL would take all necessary steps for recommencement of import/processing of Iranian crude oil in its refinery,' MRPL P.P. Upadhya wrote in a June 29 letter to Oil Secretary Vivek Rae. Upadhya referred in the letter to meetings with officials from the oil ministry and local reinsurer General Insurance Corp. (GIC) in the letter, copy of which was made available to Reuters, for the plan to resume imports from Iran... GIC would be able to settle any claim up to 5 billion rupees, so far the maximum that has arisen in Indian refining sector, without depending on overseas reinsurers, Upadhya wrote. 'GIC pointed out that in such a scenario, a calculated business risk may be taken by MRPL, similar to what is being taken by Essar, if they desire to recommence processing of Iranian crude oil at their refinery,' Upadhya wrote in the letter... Upadhya, who had earlier said MRPL plans to import 80,000 barrels per day in the current fiscal year, declined to comment on the letter." (Reuters, "MRPL Aims to Resume Iran Oil Imports," 7/1/2013)  (http://in.reuters.com/article/2013/07/01/india-mrpl-iran-idINDEE9600FY20130701)

'MRPL is talking to Great Eastern, but it looks unlikely that it will use its vessels for Iranian oil imports.'

"Two government-run refiners, Mangalore Refinery and Petrochemicals Ltd and Hindustan Petroleum Corp, stopped importing oil from Iran from April, as local insurers said they could no longer cover plants that process Iranian oil after Europe-based reinsurers backed out." (Reuters, "Table-India Essar's June Iran Oil Imports Up 21.1 pct-trade," 7/24/13) (http://in.reuters.com/article/2013/07/24/india-essar-iran-idINL4N0FS2XB20130724)

India is set to buy 6 million barrels of Iranian crude for its strategic oil reserves as negotiations with the United Arab Emirates' national oil company for supplies are stuck over commercial terms, industry sources said... Three industry sources with direct knowledge of the matter said India would buy 6 million barrels of Iranian Mix crude from the National Iranian Oil Co in October and November to fill half the Mangalore storage facility in the southwestern state of Karnataka... State firm Bharat Petroleum Corp will buy 4 million barrels in two very large crude carriers (VLCCs) and Mangalore Refineries and Petrochemicals Ltd will import 2 million barrels, the three sources said. (Reuters, "India set to buy Iran oil for emergency reserves: sources," 9/20/2016). (http://www.reuters.com/article/us-india-iran-oil-idUSKCN11Q0P4)

“Mangalore Refinery & Petrochemicals Ltd. (MRPL) plans to spend $1.4 billion to expand crude processing at its facility in western India to meet growing fuel demand in Asia’s third-largest economy…’With the new units, we can buy 10 million tons of heavier grades out of 13 million tons of our annual imports,’ Upadhya said. ‘We are planning about 2 million metric tons of Latin American crude in 2014-15 and 4 million tons of Iran Heavy and Norooz and Soroosh grades, as well as heavier grades of Iraqi crude.’” (Bloomberg, “MRPL Plans $1.4 Billion Expansion as Margins Set to Rise,” 4/29/14) (http://www.bloomberg.com/news/2014-04-29/mrpl-plans-1-4-billion-expansion-as-margins-set-to-rise.html)

Mangalore Refinery is listed on the June 4, 2019 and July 12, 2019 Florida State Board of Administration list of prohibited investments (Scrutinized companies) for Iran related business. (https://www.sbafla.com/fsb/Portals/FSB/Content/Performance/Quarterly/2019_06_04_Web_Update_PFIA_Prohibited_List.pdf?ver=2019-06-04-162911-617) (https://www.sbafla.com/fsb/Portals/FSB/Content/Performance/Quarterly/2019_07_12_Web_Update_PFIA_Prohibited_List.pdf?ver=2019-07-12-114201-343)

In 2013, 2014, 2015, 2016 and 2017 Mangalore Refinery was listed on the Texas Pension Review Board List of Scrutinized Companies doing business in Iran pursuant to Chapter 807.054, Government Code.     (https://comptroller.texas.gov/purchasing/publications/divestment.php)

"Mangalore Refinery and Petrochemicals Ltd and Essar Oil have said they would halt imports from Iran because of insurance problems, Vivek Rae told reporters... MRPL plans to lift 40 percent less oil under its annual deal with Iran in the fiscal year ending March 31, while Essar Oil aims for a 15 percent reduction. The two companies have a deal to buy 100,000 barrels per day of oil from Iran in 2012/13." (Reuters, "India plans reinsurance fund to cover refiners using Iranian oil," 3/24/2013) (http://uk.reuters.com/places/iran?lc=int_mb_1001) (http://uk.reuters.com/article/2013/03/24/us-india-iran-oil-idUKBRE92N06720130324)

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India was allowing the local Mangalore Refinery and Petrochemicals Ltd (MRPL) and some other state refineries to import Iranian crude oil on cost, insurance and freight  basis — wherein Tehran was to arrange for ships and insurance, and would receive no profit from the sale.  It was a loophole that New Delhi was apparently comfortable enough jumping through.

"India’s Mangalore Refinery and Petrochemicals Ltd (MRPL) expects India to get a waiver from U.S. sanctions on Iranian oil exports this month, a company official said on Tuesday." (Reuters, "UPDATE 1-MRPL expects India to get waiver from U.S. sanctions on Iran this month - official," 10/16/2018). (https://www.reuters.com/article/iran-oil-india/update-1-mrpl-expects-india-to-get-waiver-from-u-s-sanctions-on-iran-this-month-official-idUSL3N1WW2A5)

"Indian refiner MRPL secured coverage from an Iranian insurer for a crude cargo that arrived last week, becoming the first Indian firm known to have taken such action as Western sanctions tighten, sources with knowledge of the matter said... Indian insurers denied coverage to Mangalore Refinery and Petrochemicals for fear the action could fall foul of a pending European oil embargo against Iran... But an Iranian insurer provided cover for MRPL's crude cargo of about 7 07,500 barrels that arrived at India's Mangalore Port last week, the sources said... '(MRPL) recently got a cargo insured by an Iranian firm and other cargoes can also be insured from Iran. The company will do that on a case-by-case basis,' said one of the sources... Another source said MRPL might continue to get Iranian insurance cover for oil imports from Tehran. 'As long as we can avail of Iranian cover we will continue to import cargoes on that basis,' the source said. MRPL is a major Indian buyer of Iranian oil and its insurance policy with New India Assurance Co Ltd for cargoes lapsed this month. State-run insurers were willing to extend cover for crude cargoes except those from Iran under MRPL's new policy, another source said, forcing the refiner to approach Iran. MRPL and other oil firms buy insurance to protect their crude cargo, while ship owners usually arrange cover for the ship and any liability from an oil spill or personal injury... MRPL is buying oil on a free-on-board (FOB) basis with insurance covered by the Iranian firm. MRPL has cut to 100,000 bpd its annual crude import deal with Iran for this fiscal year, about 30 percent lower than last year, the first source said, adding the actual off-take could be less. Some units at MRPL's 300,000 bpd refinery in southern India are shut for maintenance, leading to reduced purchases of Iranian oil in May and June, this source said, adding it bought 124,000 bpd from Iran in 2011/12 versus a deal of 142,000 bpd." (Reuters, "Indian refiner MRPL turns to Iran for oil insurance -sources," 5/21/2012) (http://www.reuters.com/article/2012/05/21/india-mrpl-iran-idUSL4E8GL3MI20120521)

"Another refiner, Mangalore Refinery and Petrochemicals Ltd (MRPL), has begun making contingencies, however, and has floated four tenders for supplies in the short-term from other sources.

"Iran is offering free delivery of crude to major client India, industry sources said, signalling that tough Western sanctions which have slashed its exports in half are driving Tehran to increasingly desperate measures to keep oil flowing…Iran's remaining Indian clients - Mangalore Refinery and Petrochemicals Ltd, Essar Oil and Indian Oil Corp - could save freight of 70 cents to $1 a barrel on purchases from Iran, said one of the sources…India is one of Iran's few remaining clients along with other Asian buyers China, Japan and South Korea. (Reuters, "Iran offers to ship crude to India for free to boost sales," 11/7/13) (http://www.unitedagainstnucleariran.com/company/essar-oil) (http://www.unitedagainstnucleariran.com/company/indian-oil-corporation) (http://uk.reuters.com/article/2013/11/07/india-iran-oil-idUKL3N0IS2RX20131107)

"State-run Mangalore Refinery and Petrochemicals Ltd will reduce term crude imports from Iran by about 8.5 percent to 130,000 barrels per day (bpd) for the 2010/11 fiscal year that began on April 1, a senior company official said on Monday.  MRPL is India's top importer of Iranian crude and buys Iran Mix and Iran Heavy varieties." (Reuters, MRPL trims '10/11 crude import deal with Iran, 4/5/2010) (http://in.reuters.com/article/businessNews/idINIndia-47444520100405)

"India could step up imports from Iran next month and start transferring billions of dollars owed it for oil as early as next week following a deal to curb Tehran's nuclear programme…'Next week if it is possible, we will start making our payments,' said P.P. Upadhya, managing director of Mangalore Refinery and Petrochemicals Ltd, one of the Indian buyers of Iranian crude. A government official also said that payments would be expedited once the payment mechanism via Turkey opens up. 'If that Halkbank route opens up ... rather than pushing this to a later date, perhaps this money will go to the Iranians sooner rather than later,' the official with direct knowledge of the matter said." (Reuters, "India ready to start Iran oil cash transfer after deal," 11/25/13) (http://www.unitedagainstnucleariran.com/company/halkbank) (http://in.reuters.com/article/2013/11/25/iran-oil-asia-idINL4N0JA2WM20131125)

"India's oil imports from Iran fell by more than 40 percent in July from June and a year ago, as imports by Tehran's biggest local client MRPL were hit by a shortage of ships and insurance cover caused by European Union sanctions . . . In July Essar emerged as Iran's top Indian client replacing Mangalore Refinery and Petrochemicals, which lifted only a fifth of planned Iran imports in July. MRPL is looking at alternatives to make up for the Iran shortfall . . . Essar's imports rose by a third in July to 154,400 bpd compared with June, the data showed, while MRPL's declined 86 percent to 22,200 bpd." (Reuters, "India cuts July Iran oil imports by over 40 pct y/y-trade data," 8/21/12) (http://www.unitedagainstnucleariran.com/company/essar-oil) (http://in.reuters.com/article/2012/08/21/india-irna-imports-idINL4E8JL37120120821)

"India's purchases of Iranian oil fell 4.1 percent in September, slipping from August when imports from Tehran hit their highest in at least 15 years, according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts... State-run Mangalore Refinery and Petrochemicals Ltd was the biggest importer of Iranian oil in September buying about 150,200 barrels per day, the data showed." (Reuters, "India's Sept Iran oil imports fall 4.1 percent on Aug - shipping data," 10/12/2016). (http://in.reuters.com/article/india-iran-oil-idINKCN12C0F2)

"Oil and container trade between India and Iran has been disrupted due to uncertainty over insurance cover, leaving some ships stranded outside ports in both countries, industry sources said. The delays had occurred because New Delhi had not yet extended approval for Iranian underwriters to provide insurance for container and tanker vessels calling at Indian ports, they said…A three-month approval by India for Iran's Kish P&I and Moallem Insurance Co to cover container and tanker vessels calling at Indian ports lapsed on September 27…Another aframax, Superior, for Mangalore Refinery and Petrochemical Ltd's (MRPL.NS), was also at anchorage at an Indian port, they said. MRPL, which aimed to get five aframax-size cargoes from Iran this month, had complained to India's oil ministry about the delay in the shipping ministry granting approval to Iranian underwriters, the source said." (Reuters, "Iranian trade with India hit by insurance delay - sources," 10/8/13)  (http://in.reuters.com/article/2013/10/08/india-iran-trade-idINDEE99707820131008)

"Indian refiners have asked the government to clarify if they can pay Iran for crude in euros after the National Iranian Oil Company (NIOC) requested settlement of some debts through a Turkish bank, Indian officials said on Wednesday…India now owes Iran about $5.3 billion for oil imports, government and refining sources said last week. In mid-October, NIOC informed Indian refiners that Halkbank was ready to restart channelling the payments to Iran, the sources told Reuters, declining to be named due to the sensitivity of the matter. NIOC said it had been informed that Halkbank could be used again by Iran's central bank. It was unclear from the communication from NIOC what had changed that would allow the payments to restart without contravening U.S. sanctions, the sources said…Indian refiners have yet to restart payments via Halkbank and have asked the government for guidance, the sources said…Indian refiners Essar Oil, Mangalore Refinery and Petrochemicals Ltd, Hindustan Petroleum and Indian Oil Corp have all bought crude from Iran and owe payment, sources said." (Reuters, "Indian refiners puzzle over Iran request for euro oil payment-sources," 11/13/13) (http://www.unitedagainstnucleariran.com/company/halkbank) (http://www.unitedagainstnucleariran.com/company/essar-oil) (http://www.unitedagainstnucleariran.com/company/hindustan-petroleum-corp-ltd) (http://www.unitedagainstnucleariran.com/company/indian-oil-corporation) (http://in.reuters.com/article/2013/11/13/india-iran-halkbank-idINL4N0IX34L20131113)

"India's top two importers of crude oil from Iran will reduce shipments from the Persian Gulf nation by at least 15% this financial year, the latest sign that New Delhi is playing ball with Washington's efforts to shut-down Iran oil trade despite public pronouncement from Indian officials that they will continue to buy from Tehran. The government has asked state-owned Mangalore Refinery & Petrochemicals Ltd. and Essar Oil Ltd., a private company, to cut their imports in the year through March 2013 due to demands from the U.S., said two people with direct knowledge of the matter. 'Definitely, there is a lot of pressure from the U.S.,' one of the people said. A spokesman for India's oil ministry did not immediately respond to a request for comment." (WSJ, "Under U.S Pressure, India to Cut Iran Imports," 5/2/12) (http://professional.wsj.com/article/SB10001424052702304743704577379692661087610.html?mg=reno-wsj)

MRPL has an annual shipping contract with GESCO. Indian insurers will only give shipping firms carrying Iranian oil $50 million per tanker in protection and indemnity cover, a fraction of the typical $1 billion in insurance that Western firms provide for a very large crude carrier…MRPL's first July cargo from Iran is in the NITC (National Iranian Tanker Company) aframax Magnolia, which is scheduled to reach New Mangalore Port next week, one of the sources said." (Reuters, "India's main Iran oil buyer may cut July imports," 6/12/12) (http://uk.reuters.com/article/2012/07/12/idUKL3E8IC1YA20120712)

"Royal Dutch Shell PLC, sold two high-sulfur oil cargoes to Mangalore Refinery & Petrochemicals (MRPL), the biggest state-run Indian buyer of Iranian crude, as supplies from the Persian Gulf state may be disrupted because of global sanctions. Mangalore, a unit of Oil and Natural Gas Corp., bought 650,000 barrels each of Oman and Banaco Arab Medium crude from Shell for loading next month, according to four traders who asked not to be identified because the information is confidential. The grades are similar to Mangalore’s imports from Iran, the traders said. Indian refiners may halt Iranian crude purchases as local insurers refuse to cover the risks for using the oil, P.P. Upadhya, the managing director at Mangalore, said March 8. The company, known as MRPL, has an contract to buy 5 million metric tons a year from the Islamic Republic... MRPL bought the Oman crude for loading from April 16 to April 30 at a premium of about $1.70 a barrel to Dubai crude on a cost and freight basis, the traders said...  MRPL may import 3.8 million tons of Iranian crude during the year ending March 31, down from its term contract for 5 million, Managing Director Upadhya said on Jan. 31. Shipments of 'even 3.8 million tons in the next financial year may be difficult,' he said." (Bloomberg, "MRPL Said to Buy Oil From Shell on Possible Iran Disruptions," 3/18/2013) (http://www.bloomberg.com/news/2013-03-18/mrpl-said-to-buy-oil-from-shell-on-possible-iran-disruptions-1-.html)

On September 19, 2007, Mangalore Refinery was added to the Florida State Board of Administration List of Prohibited Investments (Scrutinized Companies) due to its involvement in Iran. As of March 9, 2021, Mangalore Refinery remains on the SBA list of prohibited investments.  (https://www.sbafla.com/fsb/Portals/FSB/Content/Performance/Quarterly/2021_03_09_Web_Update_PFIA_Prohibited_List.pdf?ver=2021-03-09-134849-587)

In 2020, the U.S. state of Mississippi listed Mangalore on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering it ineligible for investment and/or state contracting. (https://www.dfa.ms.gov/media/sd1ccddh/businesses-doing-business-with-iran-12-4.docx)

"Indian refiner Mangalore Refinery and Petrochemicals Ltd plans to cut its crude purchases from sanctions-hit Iran to 100,000 barrels per day (bpd) in the current fiscal year, its managing director said on Wednesday." (Financial Times, "MRPL to cut Iran oil imports to 100,000 bpd: Executive," 5/24/2012) (http://articles.economictimes.indiatimes.com/2012-05-23/news/31827614_1_iran-oil-imports-uk-basu-mrpl)

"India aims to cut Iranian crude imports by 15 percent this fiscal year, the oil secretary said on Tuesday, differing from the oil minister who recently said he wanted to hold the shipments at last year's levels. Ahead of Prime Minister Manmohan Singh's visit to the United States last week, Oil Minister M. Veerappa Moily said Iranian imports should be held steady at 260,000 barrels per day (bpd) to save as much as $8.5 billion in foreign exchange as Tehran accepts partial payment in rupees. However, Oil Secretary Vivek Rae, the Petroleum Ministry's top bureaucrat, said on Tuesday that India targets oil imports of around 220,000 bpd from Iran in the year through March 2014…Mangalore Refinery and Petrochemicals and Essar Oil - the only Indian refiners currently importing Iranian crude - will import about 80,000 bpd each this fiscal year." (Reuters, "India aims to cut Iran oil imports by 15 pct - oil secretary," 10/1/13) (http://www.unitedagainstnucleariran.com/company/essar-oil) (http://in.reuters.com/article/2013/10/01/india-oil-iran-idINDEE99008920131001)

Mangalore Refinery and Petrochemicals (MRPL), which imports a fourth of its annual crude oil requirement from Iran, is exploring the option of long-term contract with the US apart from increased sourcing from Saudi Arabia, Iraq, UAE, Kuwait and west African countries, given imports from the sanction-hit country will have to be stopped starting May 2. (Financial Express, "Oil imports: Mangalore refinery to explore US oil for supplies beyond Iran," 4/25/2019). (https://www.financialexpress.com/market/commodities/oil-imports-mangalore-refinery-to-explore-us-oil-for-supplies-beyond-iran/1558234/)

"India's biggest buyer of Iranian oil, MRPL, has bought Azeri, Saudi and Emirati crude to replace imports from Iran in July and it may halt purchases from Tehran altogether as sanctions make shipments more difficult,industry sources said on Monday. Loss of exports to Mangalore Refinery and Petrochemicals(MRPL) would be a blow to Iran, which has seen overseas sales decline by more than half from a year ago due to U.S. and European Union sanctions. 'MRPL has initiated steps to halt its imports from Iran. It is facing problems on a daily basis ... government pressure, sanctions and the latest is Iran's threat to shut the Strait of Hormuz,' said one of the sources . . . The refiner has been forced to restrict its lifting from Iran to a fifth of the planned 3.3 million barrels per day (bpd)in July . . . MRPL has signed a two-month deal with Azerbaijan after shipments from Tehran were hit in July, besides buying an additional cargo each from its existing suppliers United Arab Emirates and Saudi Arabia, to offset Iranian supply cuts . . . MRPL's move highlights the gradual increase in share of non-Iranian supplies in the world's fourth-biggest oil importer's crude basket and the emergence of new trade routes as Tehran's exports decline. MRPL may import only one of its planned five Iran oil cargoes in July after its shippers Great Eastern Shipping Co.(GESCO) refused to carry Iranian crude and New Delhi scrapped an order permitting use of Iranian tankers and insurance." (Reuters, "India's top buyer of Iran oil turns to Azeri, Saudi," 7/16/12) (http://www.unitedagainstnucleariran.com/company/great-eastern-shipping-company) (http://www.reuters.com/article/2012/07/16/india-mrpl-idUSL6E8IGAGO20120716)

"The Shipping Ministry has said it has 'no objection' to refiners buying oil from Iran on a delivered basis 'for 6 months with effect from July 1, 2012 or until GIC provides P&I/H&M (Hull and Machinery) cover or U.S., EU sanctions are lifted; whichever occurs earlier,' said a source privy to the letter . . . Mangalore Refinery and Petrochemicals (MRPL) had already switched to insuring the oil with Iran Insurance Company, as its policy lapsed and local insurance companies refused to extend the cover, wary of the sanctions." (Reuters, "Exclusive: India allows use of Iran ships for oil imports," 6/25/12) (http://www.reuters.com/article/2012/06/25/us-india-iran-ships-idUSBRE85O0JI20120625)

"State-run Mangalore Refinery and Petrochemicals Ltd has raised further the size of its annual crude import deal with Saudi Arabia by nearly 17 percent, sources said, to make up for planned lower imports from Iran. The Indian refiner, which had almost doubled its Saudi deal from January to 42,000 barrels per day (bpd) will now get an average 49,000 bpd this year, said the sources. MRPL, Iran's biggest Indian oil client, plans to cut its imports from Iran to 80,000-100,000 bpd in 2012/13 (March-April) from 142,000 bpd the previous year, sources had earlier told Reuters." (Reuters, "India MRPL raises Saudi import deal to 49,000 bdp-sources," 4/17/12) (http://www.reuters.com/article/2012/04/17/india-mrpl-saudi-idUSL3E8FH57J20120417)

"Indian media say the country's major oil companies have paid the first installment of outstanding oil dues to Iran. The payment of the installment at a total value of $700 million was made by Essar Oil, Mangalore Refinery and Petrochemicals (MRPL) and other Indian refiners on Wednesday. Essar Oil paid $335 million while MRPL paid about $300 million. The remainder of the payments was made by HPCL-Mittal Energy (HMEL) and Hindustan Petroleum Corp (HPCL)... According to what Iran and the P5+1 agreed in July, the US Treasury's Office of Foreign Assets Control (OFAC) would approve the banking mechanism for payment of $1.4 billion by Indian refiners in two equal installments to Tehran. The Indian media say the refiners had deposited the rupee equivalent of $700 million in Kolkata-based UCO Bank which transmitted the money to the Reserve Bank of India (RBI). The RBI will accordingly make arrangements for its onward remittance to Iran." (Press TV, "India pays first batch of Iran oil dues," 10/1/15) (http://www.presstv.ir/Detail/2015/10/01/431506/India-makes-first-payment-of-Iran-oil-dues)

"Iran is poised to lose at least 192,000 barrels a day of crude-supply contracts, or about 9.5 percent of its global exports, as Asian buyers curb purchases amid western sanctions targeting the nation's oil trade. Mangalore Refinery & Petrochemicals Ltd. (MRPL) and Essar Oil Ltd., India's biggest buyers of Iranian crude, and China International United Petroleum & Chemical Co. have reduced or plan to cut purchases from the Islamic Republic by as much as 15 percent. China and India are Iran's largest customers. In Japan, the only Asian country to get an exemption from U.S. sanctions after it demonstrated reductions in purchases, Cosmo Oil Co. plans to cut imports by 25 percent, while JX Nippon Oil & Energy Corp. suspended talks with the Persian Gulf nation over a 10,000 barrel-a-day contract." (Bloomberg, "Iran May Lose 9.5% of Oil Contracts as Asian Buyers Cut Imports," 5/3/12) (http://www.bloomberg.com/news/2012-05-04/iran-may-lose-9-5-of-oil-contracts-as-asian-buyers-cut-imports.html)

"Indian refiners and at least one European refiner are re-evaluating their crude purchases to make room for Iranian oil in the second half of this year, anticipating that US sanctions will be lifted, company officials and trading sources said.

"India, the third-biggest buyer of Iranian oil, will offer state-backed insurance to tankers, helping the nation’s biggest sea carrier to resume cargoes from the Persian Gulf nation hit by international trade sanctions…The resumption of services will help Mangalore Refinery & Petrochemicals Ltd. (MRPL), India’s biggest buyer of Iranian crude, and other state processors secure supplies after European Union measures disrupted trade…Mangalore Refinery halted purchases from Iran after the sanctions made it impossible to get ships to carry the crude, Managing Director P.P. Upadhya said last week. That prompted the company to buy more of its requirements from the spot market where prices are typically higher." (Bloomberg, "Iran Oil Shipping To Resume As Insurers Step In," 8/2/12) (http://www.bloomberg.com/news/2012-08-01/iran-oil-shipping-to-resume-as-insurers-step-in-corporate-india.html)

"India's oil imports from Iran fell nearly 5 percent in August from July, tanker discharge data made available to Reuters showed on Thursday, in a third straight monthly drop that supports the country's case for renewal of a waiver from U.S. sanctions. Imports rose by about a fifth from a year ago, however, when Iran cut supplies to its second-biggest market as Indian firms had still not found a stable way to pay for oil after New Delhi ended a clearing mechanism under U.S. pressure in December 2010... One of Tehran's biggest Indian clients, MRPL, has not been able to import all its contracted volumes since July, when European sanctions banning shipping and insurance cover for Iranian vessels took effect." (Reuters, "India's Aug Iran imports fall 5 pct on mth; up 19 pct on yr-trade," 9/27/12) (http://in.reuters.com/article/2012/09/27/india-iran-imports-idINL4E8KQ78L20120927)

In 2017 the U.S. state of Alaska, Florida, Pennsylvania, Mississippi, South Carolina, Tennessee, Texas listed Mangalore Refinery & Petrochemicals on its list of companies doing material business with Iran rendering Mangalore Refinery & Petrochemical ineligible for investment and/or state contracting. (http://treasury.dor.alaska.gov/Portals/3/docs/ARMB%20Iran%20Divestment%20List%2012-31-17.pdf) (https://www.sbafla.com/fsb/Portals/FSB/Content/GlobalGovernanceMandates/QuarterlyReports/2017/Global_Governance_Mandates_and_Florida%20Statutes_2017_12_13.pdf?ver=2017-12-13-145507-737) (http://www.dgs.pa.gov/Documents/Procurement%20Forms/ProposedIranFreeProcurementList.pdf) (http://www.dfa.ms.gov/media/4100/companies-posted.pdf/) (https://procurement.sc.gov/files/Iran_divestment_122017.pdf) (https://www.tn.gov/content/dam/tn/generalservices/documents/cpo/cpo-library/public-information-library/List_of_persons_pursuant_to_Tenn._Code_Ann._12-12-106_Iran_Divestment_Act_updated_7.7.17.pdf)

“Essar Oil and Mangalore Refinery and Petrochemicals Ltd were the only two Indian refiners that purchased oil from Iran in April.” (Reuters, “India's April Iran oil imports drop as buying spree cools,” 5/14/14) (http://www.unitedagainstnucleariran.com/company/essar-oil) (http://www.reuters.com/article/2014/05/14/india-iran-imports-idUSL3N0NZ2ZQ20140514)

"State-controlled Indian refiners halted Iranian purchases in May after insurers denied coverage to plants using Iranian crude following growing pressure of sanctions against the Islamic republic from the U.S. and Europe. Mangalore Refinery & Petrochemicals Ltd. (MRPL), which gets more than a quarter of its crude requirement from the country, resumed purchases in August using tankers underwritten by two Iranian insurers with sovereign guarantees from India.’We’ve no option but to continue with Iran imports by taking this calculated risk,’ Mangalore Refinery Managing Director P.P. Upadhya said in a phone interview. Mangalore Refinery is operating its 300,000 barrels-a-day plant without any cover, Upadhya said. The company plans to buy 4 million tons from Iran this financial year and increase purchases next year, he said. Moallem Insurance and Kish P&I Club, the two Iranian insurers, were given a six-month extension effective Dec. 28 to cover foreign ships arriving at Indian ports, Deepak Kapoor, India’s deputy nautical adviser, said in a phone interview. India has yet to roll out a proposed 20 billion rupee ($314 million) insurance fund to cover imports from Iran.” (Bloomberg, “India Refiners Delay Iran Imports on Failure to Get Reinsurance,” 1/7/14) (http://www.bloomberg.com/news/2014-01-07/india-refiners-delay-iran-imports-on-failure-to-get-reinsurance.html)

"Indian refiners cut imports from Iran by 38 percent in May from a year ago, tanker discharge data showed, in a second month of steep reductions as they switch suppliers to cushion the impact of new U.S. sanctions on Tehran . . . MRPL nearly halved annual imports from Iran in January-May to about 80,800 bpd. It bought about 52 percent less oil in May from Iran compared with April at 43,000 bpd, the data showed, due to a full shutdown of its refinery during the month . . . MRPL has reduced the size of its [annual deal with Iran] to 100,000 bpd compared with 142,000 bpd in 2011/12." (Reuters, "India cuts May Iran oil imports 38 pct-trade" 6/7/12) (http://www.reuters.com/article/2012/06/07/india-iran-imports-idUSL3E8H64A120120607)

"India has finally agreed to follow U.S. sanctions against Iran and recently banned at least four shipments of crude oil to the country.

"Mangalore Refinery and Petrochemicals Ltd (MRPL) has said that the sanction on Iran (a major crude supplier) is an immediate threat to profitability." (Hindu Business Line, "Sanctions on Iran ‘impose supply and price risk on MRPL’," 7/5/2019). (https://www.thehindubusinessline.com/companies/sanctions-on-iran-impose-supply-and-price-risk-on-mrpl/article28297963.ece)

MRPL is India's biggest buyer of Iranian crude, with more than half its supply coming from the Islamic republic." (AFP, "Indian oil giant optimistic over Iran supply," 1/6/11) (http://www.google.com/hostednews/afp/article/ALeqM5ici8n7rBBQQfn8tpzrC_T_1cmrsg?docId=CNG.e822bfb1fdd0d19fd9cc95127c39db9f.221)

"India's Mangalore Refinery and Petrochemicals Ltd plans to resume Iranian oil imports from August, after stopping for four months, because it has found no suitable alternatives, an industry source with knowledge of the matter said. Resumption of shipments by MRPL, Iran's top Indian client until it stopped purchases in April, will help to revive the country's Iranian oil imports. India's intake of Iranian crude fell by 40 percent in the April-June quarter, as refiner Essar Oil became Iran's lone Indian client. Hindustan Petroleum Corp and MRPL both halted their Iranian oil buys amid difficulties securing insurance for refineries processing oil from the sanctions-hit country. 'Other crudes are not giving the right price margin. They are not of right type of quality and are not available at the right time,' said the source. 'All these problems are there.' . . . MRPL aims to import about 80,000 bpd of oil from Iran in the current fiscal year, similar to lifting in the year ended March 31, and could ship in up to four aframax cargoes in August. MRPL Managing Director P.P. Upadhya said in a June 29 letter that local reinsurer General Insurance Corp would be able to settle any refinery claim up to 5 billion Indian rupees ($82.83 million) as long as India has a U.S. sanctions waiver that allows it to continue imports of crude oil from Iran. Under its current policy with a local insurer, MRPL is entitle for a permissible maximum loss of 70 billion rupees . . . New Delhi and Tehran are trying to strengthen trade ties, partly to keep Iran's oil flowing and partly so Indian can pay for the crude with exported goods. Iran's oil minister visited India in May and offered to provide insurance for the refineries running Iranian oil, in return for stepped up purchases from the OPEC member. Iran has also made sovereign guarantees to domestic insurance companies that cover vessels carrying oil to India. An Iranian insurance delegation is expected to visit India from Aug. 12 to 16 to explore the feasibility of providing reinsurance cover to refiners." (Reuters, "India's MRPL aims to resume Iran oil imports from Aug," 7/31/12) (http://www.unitedagainstnucleariran.com/company/essar-oil) (http://www.unitedagainstnucleariran.com/company/hindustan-petroleum-corp-ltd) (http://www.reuters.com/article/2013/07/31/india-iran-imports-idUSL4N0G03W220130731)